A triple net lease agreement is a document used when a tenant (''Lessee'') is paying costs in addition to the rental cost of the property. In a triple net lease, the lessee agrees to pay all costs the property is subject to, including real estate taxes, insurance, and maintenance costs. These lease agreements are usually used in commercial real estate transactions. A landlord may own a commercial property and have a lessee sign this document to cover all the costs the lessee's business may incur. These documents may occasionally be used for a single family residence on a case-by-case basis. Any ''net'' is a cost other than the required rent.
The agreement may contain the rental amount, all the terms and conditions the lessee agrees to, including the additional costs. A description of the subject property including address and square footage may be included in the document as well. The agreement may include a beginning and end date for the agreement, the names of all parties involved, and payment information.
Payment information may include a schedule of when payment is due, plus late charges and security deposit. Some landlords may include a fee for returned checks in the document. A landlord may include the acceptable use of the property, any parking privileges or restrictions, provided furnishings, damage fees, and what party is responsible for repairs to be made to the property. The contract may include how both parties have a right to terminate the lease, as well as any potential fees for early termination may be included in a triple net lease agreement.